The rangy 22-year-old has played just 20 games, scoring just once, for the north London club since joining from French side Auxerre in 2013.
He spent the second half of last season on loan at Crystal Palace, making 10 league appearances and helping them to 10th in the Premier League table.
"Sanogo heads to Ajax to gain further first team experience under manager Frank de Boer and assistant manager and Arsenal legend Dennis Bergkamp," the club said in a statement on their official website (www.arsenal.com).
"Everyone at Arsenal Football Club wishes Yaya the best of luck for his time in Holland."
(Reporting By Tom Hayward, editing by Alan Baldwin)
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